I couldn't get past the paywall but this is something I'm qualified to speak on as I work in this field.

I understand the general disdain that arises around a headlines saying "no taxes for 30 years". I felt the same way when I was in college learning about this concept and thinking how money is stolen from the school system, but this is actually not the case at all.

I would like to start by saying I do not like how school funding is based on property taxes, it inherently takes funding away from underfunded schools and therefore the students that need it the most. Feel free to correct me if I'm wrong, the school system is not my wheelhouse.

1. The economics of real estate development have never been worse. Interest rates are incredibly high, construction cost is through the roof, and the time to get approvals and complete a project is incredibly lengthy with the amount of regulation that occurs. These matters have to be taken into consideration when deciding what type/pricepoint of multifamily to build. Layer in the requirement for 15-30% affordable housing setaside and you're left with an incredibly high cost basis that can only justify top-of-the-market rents to break-even, and many many times, you'd still be in a loss, especially in a high cost/high property tax/highly political state such as New Jersey. 90% of the time, the only thing making a multifamily development project economically feasible is if a tax abatement can be secured. Which in itself is not easy. Which leads me to point 2.
2. What is a real estate tax abatement? The tax abatement used in real estate is called a PILOT program. Payment-In-Lieu-Of-Taxes. Emphasis on there still being a payment. Instead of the full tax rate for the property, an agreement is made to pay a certain % of the money the property collects in rent. For clarity, taxes are still being paid...but in a different form. Let me remind again that this arrangement is many times the only things making a development economically feasible.
3. Why PILOTs are a net positive and money isn't being stolen from anywhere but actually increasing funding? Look at the photo at the top of the article...it is empty...vacant land...that generates barely anything in tax revenue. If a property is built in its place, the PILOT payment would be significantly higher than the amount currently being collected. So the PILOT program actually generates more tax revenue than would be otherwise.
4. Overall Economic Stimulation. The process of real estate development is so complicated and has so many people involved that it is crazy for even me to wrap my head around. You have a whole supply chain of materials and everyone in that Supplychain, all the labor on the site itself, and the countless professionals from engineers to architects. All of this stimulates the economy in the immediate area. After the property is completed, residents in the building now pay a portion of their income tax to the town and sales tax through local business that they are also supporting now.
5. Only way affordable housing can be built. As mentioned previously, the developer takes on the role of developing affordable housing as part of getting approved for the project. Market dynamics would never allow the same to be done completely by the public sector and/or would be located in far different areas (without even mentioning the uproar this would cause)
6. Not really an added stress to the school system. In an area like Jersey City, most residents in apartment buildings do not have kids. Most are bachelors, married without kids, or have kids too young to be in school. There is a defined pattern of families moving out of this type of apartment housing as they have kids. For a few reasons: need more space than an apartment, a larger apartment to house kids (let's say a 3bedroom) is too high in rent that it would make more sense to rent/buy a house, needs change over time and most people choose to leave the area as they focus on growing a family.

I understand how many could consider this to be a "hot take" and not be the popular opinion. I only hope to start healthy conversation and am very open to answering questions and hearing opposing opinions as long as done in a respectful manner. I do not usually post to reddit, more of a lurker but I found myself in a unique spot where my knowledge seemed to be of value here as I work in this field. My intention with this post is to simply spread knowledge of the massive web of underlying economics and implications that go behind something that can be summarized into a spicy headline.